July 11th, 2010
When a student has graduated and been thrust into the job market, the prospect of having a student loan payment due every month can put a real dent into ones lifestyle. Entry-level jobs after graduation often do not pay much and that is when new responsibilities begin.
Graduates leave a life style of paying a small amount for rent and food and begin looking for homes, clothes for a new job, a car for that job and other necessary requirements, to begin their new life, and of course, repayment for that school loan.
This is when many people make poor decisions and get into trouble affecting their present and future. Some former students after a while, are faced with defaulting on their student loans, others take out more and more credit cards or loans to keep going.
What students should remember is that they need to start out very slow and live similar as to college life until their wages increase read more »
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July 8th, 2010
Every time you apply for credit, for example a credit card or a loan, the lender will request to see your credit history from a credit reference agency. The information they hold is so detailed that there’s really no need for us to fill out that long application form, because within a fraction of a second they can see all they need to know from Experian, Equifax or Callcredit, the three main credit reference agencies. You would be very surprised to see just how much they know about you.
Banks, building societies and other financial institutions providing credit have been passing on details of your financial transactions to the credit agencies. Every time you apply for a credit card, every time you miss a mortgage repayment – it gets noted. They know whether you pay the minimum or the balance each month, they even know details of your credit limit on each credit card. They also look to public records, the voters’ read more »
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May 5th, 2010
Fortunately not all student loans programs grant loans on the basis of your credit record and loan schemes such as Stafford loans and Perkins Loans are based solely upon your financial need. Unfortunately not all students will qualify for these loan schemes and those that do will find that the funds they provide are not enough to meet your needs and generally have to be topped up with additional loans.
For most students therefore there is a need for supplemental loans and that means credit based student loans. And credit based student loans means being able to demonstrate a good credit history in order to get the best interest rate and indeed, in many cases, to get a loan at all.
The first lesson that students need to learn therefore is that a bad credit history can make the difference between getting a loan and not getting a loan, or getting a loan on which you are going to have to pay a higher rate read more »
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